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is shipped to china. what do they want with a vineyard in napa valley? >> there's a big demand for luxury goods. rather than buying chinese-made products and sending our money l they're buying american made products and sending their money back over here. >> reporter: and the jobs stay here. >> yes. >> reporter: chinese firms flush with cash have invested $16.4 billion in the u.s. in the past decade. $1.3billion in california companies. $560million in just the past year. the chinese are boosting the golden states housing recovery. they bought one out it have every ten homes sold in the past year. >> compare to high end housing like in beijing, this is not that expensive. >> reporter: a student at the university of southern california. his parents bought him this yearly $1 million condo. they thought renting a dorm room was a waste of money. >> my parents decide to buy me a house as a investment outside china. >> reporter: jim jacobson has sold 22% of the residents to affluent chinese. >> they don't have a place to put their money. they look at their own economy as a place where it's not v
from yesterday have subsided. all streams and creeks are within their banks again. the napa river has peaked and is beginning to recede. the current level is 9.4 feet, while flood stage is at 16 feet so we're much below that. the flood warning for the napa river has been cancelled. >> it is in the 30's, for some areas and other areas getting last-minute christmas shopping done. temperatures will be in the fifties under mainly sunny skies. here is a look at the visibility with locally dense fog. not that evident in the north bay. with less than one-half mile, napa. santa rosa, novato drive with extra caution towards the golden gate bridge. and the cloud coverage could increase. that is with a storm headed our way the futurecast, by 9:00 a.m., some light rain tomorrow. as we go towards tomorrow, christmas, some light rain for the delta. still, through mountain view, san jose. heavier through the golden gate but that front is going to press through with christmas evening. a lot of people will be enjoying their holiday. however, not much moisture but we could not see that intense rainfall
could destroy the legacy of a napa valley vineyard. >> reporter: when his great grandfather started farming her in the late 1800s... >> they farmed orchard fruit and cattle. >> reporter: but much of the land he grew up on is gone, sold, to pay estate taxes after his grandfather's death. >> had to sell all of it. >> estate taxes? >> yes. >> reporter: his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was, you know, half a million dollars. we sold off 150 acres. it gave us something to pay the tax with. >> reporter: now, jeff and his wife marry worry their dream of passing the land on to their two daughters will be ruined by the fiscal cliff. the estate tax rate would rise from 35 to 55% on estates worth over $1 million. at today's prices in the napa valley, the land could easily be worth $8 million. >> you're wealthy, but it's all in the dirt. we're dirt rich, cash poor. >> reporter: for the paiges, more than money is at stake. they want the land which is part of their family's past to also be part of their future. >> you can ke
. >> let's go to tara filling in for sal. there is another accident in napa. >> we have a two car crash on napa road. that person is trapped inside of the car. chp working to get them out as well as police. we have another incident we want to mention. 880 northbound at 92 split. a solo spin out. it's close to traffic so they are running a break. here is a look at maps where 680 southbound, actually we will go to 101 in san francisco. you can see we have traffic flowing nicely in both directions. finally a look at maze. you can see traffic also flowing very well there on the far right hand side of the screen. let's check in with mark. >> good morning to you. we are taking a live look outside. you can see in the south bay and san jose cloud cover to deal with. the key headline, we get a break-in the rain. no rainfall expected in the bay area. you can see even the sierra gets a break and all i can find is a few spotty showers, very light. as far as current temperatures, just updated for the 7:00 hour it has cooled off one degree in fairfield down at 39 at last check. oakland in the mid40s
a couple of problems in the napa area. lots of fallen trees, we have trees blocking roadways up there. just be careful when you are out and about especially on the country roads, let's go over to the maps where we can show you where we have a fallen tree at bear creek road. this is sort of off the beaten path. also an accident. highway 24 westbound. also we will watch that for you. up next a look at the toll plaza. you can see traffic is slowing in to the city. we were sort of keeping our fingers crossed it would stay this way and it has. no metering lights. 280, those headlights on the bottom portion of the screen are northbound toward santa clara. traffic is looking good. >> good morning to you. we are taking a live look outside where we have been dealing rain out there. here is the live camera looking toward san francisco. a few breaks in the clouds but those rain source moving through rapidly across the bay area. still the case right now. here we go with the maps showing you the live sweeps. you can seat enhancement in parts of the north bay. rainfall picking up south of nevado, those
in on christmas eve. he drove in from napa to san francisco and he says he did it to help a few people out. in the newsroom, grace lee, cbs 5. >>> tonight some people are feeling the pain of procrastination. last-minute shoppers are searching for bargains but finding the shelves bare. christin ayers on the million reasons why they waited. >> reporter: twas the night before christmas and all through the door, a slew of last-minute shoppers with excuses galore. >> this year just kind of snuck up on me. >> reporter: the customers were fighting over toys in the aisle. shelves bare and picked over to the chagrin of this child. >> there's nothing in here. everything is gone! like the my little ponies, they aren't even around. >> reporter: the registers rang. a santa sang. but at the stroke of 10, it all came to an end. shops closed, leaving only one place to spend. because it's christmas eve and you know what that means. the only store open now is your local walgreens. >> christmas eve is by far the busiest day of the year for us. >> reporter: 4,000 procrastinators will come through here, and l
strong. not very strong at all. gives us increasing clouds. it's cold out there. napa says 35. that is at the airport. i know. i know in town closer to town runs colder. north wind at 7 puts the windshield at 29-degrees. oakland, concord 26. nine below up in maple moth. sacramento 36. reno 18. cold, cold, cold. sur system moving in will move a little bit. there will be a lot of clouds. it will be cool. upper 40s and low 50s on the temps. more the same on saturday. cold, breezy on sunday. could be brief showers on monday. but mostly sunny. continued cool into next week. >>> court is ordering apple to pay eight riders and two publishers for unlicensed copies of their work. of book, musics, and software is very common in china. it's not saying if it will fight the order or pay the $165,000. >>> asian markets finished up in 2012. japan nikkei up .07. china, shanghai index finned up -- let's take a look at markets yesterday. they closed slightly down. what they are watching today is what they have been watching for awhile now. and very closely yesterday that is the fiscal cliff tal
30s. 41 napa, 46 oakland. going to stay around 50s today for the most part, low 50s around the bay area. it will be breezy this afternoon, it will turn into showers tomorrow then it will be dry and cool for thursday! we have a longer chance to dry out starting thursday. in san francisco, wet, 53°, 55 san jose. heavy rain and breezy this afternoon, showers tomorrow, dry thursday and to the weekend. >>> more ahead on this christmas edition of the abc7 morning news. back in about 60 seconds. >>> good morning everyone. live doppler 7 hd is tracking a christmas day storm bringing more rain, wind and snow to northern california. good morning. merry christmas.
Search Results 0 to 7 of about 8